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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
During the past 13 years, the highest Beneish M-Score of Coca-Cola European Partners PLC was -0.05. The lowest was -4.72. And the median was -2.59.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Coca-Cola European Partners PLC for today is based on a combination of the following eight different indices:
|M||=||-4.84||+||0.92 * DSRI||+||0.528 * GMI||+||0.404 * AQI||+||0.892 * SGI||+||0.115 * DEPI|
|=||-4.84||+||0.92 * 1.6054||+||0.528 * 0.9734||+||0.404 * 1.3241||+||0.892 * 0.9459||+||0.115 * 2.2084|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1365||+||4.679 * -0.0176||-||0.327 * 0.6982|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $2,488 Mil.|
Revenue was 2478.67865169 + 1487.72383073 + 1652.85076253 + 1860.34231201 = $7,480 Mil.
Gross Profit was 905.421348315 + 549.192650334 + 608.354030501 + 711.667789001 = $2,775 Mil.
Total Current Assets was $4,335 Mil.
Total Assets was $21,051 Mil.
Property, Plant and Equipment(Net PPE) was $4,412 Mil.
Depreciation, Depletion and Amortization(DDA) was $289 Mil.
Selling, General & Admin. Expense(SGA) was $1,981 Mil.
Total Current Liabilities was $3,898 Mil.
Long-Term Debt was $7,128 Mil.
Net Income was 170.647191011 + 64.7260579065 + 157.78540305 + 171.535353535 = $565 Mil.
Non Operating Income was -2.51573033708 + -1.96102449889 + -1.01198257081 + -4.08417508418 = $-10 Mil.
Cash Flow from Operations was 258.065168539 + 120.625835189 + 155.666666667 + 410.542087542 = $945 Mil.
|Accounts Receivable was $1,638 Mil.
Revenue was 1929.25476992 + 1588.65367965 + 2219.90628853 + 2169.25128866 = $7,907 Mil.
Gross Profit was 705.459034792 + 553.253246753 + 775.758323058 + 820.578608247 = $2,855 Mil.
Total Current Assets was $2,857 Mil.
Total Assets was $8,712 Mil.
Property, Plant and Equipment(Net PPE) was $2,009 Mil.
Depreciation, Depletion and Amortization(DDA) was $316 Mil.
Selling, General & Admin. Expense(SGA) was $1,843 Mil.
Total Current Liabilities was $2,821 Mil.
Long-Term Debt was $3,714 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(2487.64044944 / 7479.59555696)||/||(1638.0650954 / 7907.06602677)|
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(2855.04921285 / 7907.06602677)||/||(2774.63581815 / 7479.59555696)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (4334.83146067 + 4412.35955056) / 21050.5617978)||/||(1 - (2856.85858586 + 2009.30751964) / 8711.66666667)|
4. SGI = Sales Growth Index
Ratio of sales in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
|DEPI||=||(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))||/||(Depreciation_t / (Depreciaton_t + PPE_t))|
|=||(315.543679813 / (315.543679813 + 2009.30751964))||/||(288.936575879 / (288.936575879 + 4412.35955056))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
|SGAI||=||(SGA_t / Sales_t)||/||(SGA_t-1 /Sales_t-1)|
|=||(1981.35357545 / 7479.59555696)||/||(1843.03920116 / 7907.06602677)|
7. LVGI = Leverage Index
The ratio of total debt to total assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((7128.08988764 + 3897.75280899) / 21050.5617978)||/||((3714.41638608 + 2820.83501684) / 8711.66666667)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(564.694005503 - -9.57291249095||-||944.899757937)||/||21050.5617978|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Coca-Cola European Partners PLC has a M-score of -1.72 signals that the company is likely to be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Coca-Cola European Partners PLC Annual Data
Coca-Cola European Partners PLC Quarterly Data